The first digital banking platform in Vietnam, Timo, on May 24 announced that it has officially become a strategic partner of the world’s largest fast-food restaurant chain, McDonald’s, in Vietnam.
This cooperation helps Timo and McDonald’s exploit each other’s unique offerings and effectively combine their potential and unique advantages, thereby bringing attractive incentives and exciting experiences to customers, especially the Vietnamese youth.
Over the past six years, Timo has continuously developed, improved, and innovated to bring simple, convenient, new and groundbreaking financial experiences to users.
This has helped Timo receive high recognition and appreciation from prestigious domestic and foreign financial institutions.
Timo has been honored in the Top 50 Outstanding Foreign-Invested Enterprises in 2020, won the Leading Digital Banking Platform in Vietnam at the Golden Dragon Award 2021, and was awarded the Best Digital Bank in Vietnam title for three consecutive years by prestigious international magazines Asiamoney, Global Economics, and International Business Magazine.
Aiming to become a “financial partner” of consumers, Timo is trying to build a platform where banking is no longer just banking, but also enhances the lives of our customers where daily financial transactions can be made within the ecosystem that customers have linked, thereby bringing about product experiences that are relevant convenient, and cost-effective.
The potential of this model is undeniable but it also requires huge investment in technology, capital and human resources.
Recently, Timo has onboarded a team of leading financial experts in the region such as Mr. Nirukt Sapru, former CEO of Standard Chartered Bank Vietnam and Mr. Nam Tran, co-founder and chairman of Moca, who are on the Timo Global Advisory Board. Their expertise and consultancy in identifying innovative and strategic solutions will support Timo to build a robust service, backed by solutions and development strategies.
In addition, Timo plans on expanding its ecosystem of strategic partners across industries ranging from banking, finance, retail, sports, healthcare, and education to consumer goods, fashion, real estate, tourism, aviation, and more to bring maximum convenience for customers.
According to Ms. Ha Tran, Chief Growth Officer of Timo, the company’s strategy is continuous innovation and non-stop creation, putting customers’ interests and experiences first, thereby creating financial products and solutions with outstanding integrated features and value.
“To do this, Timo is actively expanding cooperation with fintech and multi-industrial partners to develop a digital ecosystem that supports customers in every aspect of their daily lives,” said Ms. Ha Tran.
“We do believe that becoming a strategic partner of McDonald’s, a global brand and sharing the same vision of providing convenient products and services and breakthrough experiences to customers, will be a step forward for Timo in its journey to build and develop its digital ecosystem. We hope this cooperation will open up opportunities to help both sides consolidate our strengths in the market, support each other, thereby bringing more benefits and added value to both our customers”, Ms. Ha Tran added.
According to Mr. Thinh Nguyen, General Director of McDonald’s Vietnam, the restaurant chain puts customers first and has an unerring customer-centric mindset.
“As we find this same spirit shared by Timo, we enter into a strategic partnership to ignite both our passions to bring great convenience and joyful experiences to customers,” Mr. Thinh Nguyen said.
Technology has dramatically changed how people live and their consumption habits. Nguyen said in McDonald’s, they have started serving a future experience and have been using technology in their daily operations since Day 1.
“Nowadays customers enjoy ordering, paying, and being served in the restaurants in the most convenient ways. Continuously improving customer experience using digital technology has been an important part of McDonald’s business strategy,” he said.
Mr. Thinh Nguyen also added that many applications including automated kiosks with a table service, integrated payments system, digital menu board, mobile apps, and delivery app, together with a great Guest Experience Leader have lifted its hospitality standards with a focus on customer satisfaction.
“With Timo growing into one of the leading digital banks in Vietnam, we look forward to fruitful cooperation in which we could grow together as pioneers and leaders in our field and support us in our digital transformation process. In addition, we will utilise our strengths in technology capacity and our network to further broaden service to give more to many more customers,” said Mr. Thinh Nguyen.
A “giant” of the global fast-food industry, McDonald’s officially operated in Vietnam since 2014, with a long-term investment strategy, McDonald’s is constantly improving service quality, bringing enjoyable experiences for its customers, Mr. Thinh Nguyen added.
Not only bringing world-famous menus such as French fries, Big Mac, Chicken McNuggets, Happy Meals, and McCafe, McDonald’s Vietnam has also launched special local menus such as Pho Burger, meat porridge, meat noodles, and Vietnamese Coffee to customers.
In addition, McDonald’s Vietnam is constantly expanding its network of multi-industrial partners to bring the most comprehensive experiences to customers. The most outstanding of these include “The Famous Order” programme in May in collaboration with Platinum artist BTS group that is widely loved by Vietnamese fans. In particular, McDonald’s pays great attention in its development strategy to cooperating with partners who are providing digital technology applications, such as Timo.